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Press Release12 November 2026Siemens AGMunich
Outstanding fiscal 2026 performance – Industrial AI to drive future growth
Siemens finished
fiscal 2026 (ended September 30, 2026) with another record year
and set new records for orders, profit and free cash flow after an outstanding
Q4. This development was supported by high demand for electrification, digitalization
and Industrial AI as well as the company’s strong position in rapidly growing
markets like data centers.
The results demonstrate
that the ONE Tech Company program is powering the scaling of Industrial AI – by
combining the real and the digital worlds. The company is rigorously converting
its technological leadership into higher, profitable growth. As a result,
revenue at Siemens’ digital business grew 16 percent to €10.9 billion.
Revenue at Digital Industries’ software business grew 13 percent on a
comparable basis – that is, excluding currency translation and portfolio
effects – to €7.2 billion, with comparable annual recurring revenue (ARR)
climbing 12 percent to €6.1 billion.
Supported by
strong long-term growth trends and the strength of its key markets, Siemens is
raising its mid-term targets: comparable revenue growth is now expected to be
between 7 percent and 11 percent (previously: 6 percent and 9 percent),
while growth in EPS pre PPA is now projected to be in the double-digit
range (previously: high single-digit range).
Shareholders
are also to profit from Siemens’ success: the Managing and Supervisory Boards
will propose to the Annual Shareholders’ Meeting an increase in the dividend to
€5.50 per share (fiscal 2025: €5.35).
“Fiscal 2026 was an outstanding year for Siemens.
We delivered strong profitable growth in our core markets – driven by
innovation, competitiveness and strong execution of our strategy. With our
expanded range of digital offerings from Siemens Xcelerator, our digital
business grew 16 percent. Industrial AI is an exceptional growth
opportunity, and Siemens is built to win in this space. By consistently scaling
Industrial AI, we are unlocking our next phase of profitable growth. Given our
ambition to outperform our core markets, we are providing an ambitious outlook
for fiscal 2027 and are raising our Group-level mid-term targets,” said
Roland Busch, President and Chief Executive Officer of Siemens AG.
“After an
outstanding fourth quarter, we closed fiscal 2026 with records in orders,
profit and free cash flow. We want our shareholders to benefit from this
success. As a result, we propose raising the dividend to €5.50 per share, in line with our progressive dividend
policy. In addition, as
part of the previously announced spin-off, we plan to transfer 34.1 percent
of our stake in Siemens Healthineers to our shareholders at a ratio of one
Siemens Healthineers share for every two Siemens shares,” said Veronika
Bienert, Chief Financial Officer of Siemens AG. “We are building on the
strength of the past fiscal year as we turn our focus to the next phase of our
profitable growth trajectory in fiscal 2027 and beyond.”
Record order intake – Free cash flow at record level
In
fiscal 2026, Siemens increased revenue 8 percent on a comparable
basis to €83.4 billion
(fiscal 2025: €78.9 billion). Comparable orders surged 25 percent
to €108.2 billion (fiscal 2025: €88.4 billion). The book-to-bill
ratio was an excellent 1.30 (fiscal 2025: 1.12). At €143 billion, the
order backlog also set a new record (fiscal 2025: €117 billion).
Profit Industrial Business grew 13 percent to €13.3 billion
(fiscal 2025: €11.8 billion). The profit margin of the Industrial
Business improved to 16.3 percent (fiscal 2025: 15.4 percent). Both
figures were new record highs. Net income reached €9.5 billion (fiscal 2025:
€10.4 billion). The prior-year figure had included a gain of €2.1 billion on
the sale of Innomotics. Consequently, EPS pre PPA totaled €11.76 (fiscal 2025:
€12.95) and exceeded the guidance that the company had raised in Q3 to between €11.20
and €11.50.
Free cash
flow all-in from continuing and discontinued operations at Group level reached
a record €12.1 billion (fiscal 2025: €10.8 billion). The
Industrial Business also set a new record for free cash flow of €13.3 billion
(fiscal 2025: €11.9 billion).
Outlook for fiscal 2027
For fiscal 2027, Siemens assumes that the
global economy will continue to expand.
The company intends to reduce its stake in
Siemens Healthineers through a direct spin-off during fiscal 2027 and
to deconsolidate Siemens Healthineers. Before the transaction is
completed, Siemens Healthineers’ results will be reported as discontinued
operations on a comparable basis for all periods presented. The criteria for
classifying Siemens Healthineers as discontinued operations are expected
to be met in the course of the first quarter of fiscal 2027. To reflect
this change, forecasts for fiscal 2027 for the Siemens Group exclude
effects related to Siemens Healthineers. These include the non-cash gain
from the transaction, spin-off-related transaction costs, Siemens Healthineers’
operating earnings contributions, and future earnings effects resulting from
accounting for the remaining investment under the equity method.
On this basis, Siemens’ outlook for
fiscal 2027 is as follows:
Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 8 percent to 12 percent and a profit margin of 20 percent to 22 percent.
Smart Infrastructure expects comparable revenue growth of 11 percent to 13 percent and a profit margin of 19.5 percent to 20.5 percent.
Mobility expects comparable revenue growth of 6 percent to 8 percent and a profit margin of 8 percent to 10 percent.
Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 8 percent to 12 percent and a profit margin of 20 percent to 22 percent.
Smart Infrastructure expects comparable revenue growth of 11 percent to 13 percent and a profit margin of 19.5 percent to 20.5 percent.
Mobility expects comparable revenue growth of 6 percent to 8 percent and a profit margin of 8 percent to 10 percent.
For the Siemens Group, the company expects
comparable revenue growth in the range of 9 percent to 11 percent and
a book-to-bill ratio above 1.
Based on the expected profitable growth of its
industrial businesses, Siemens anticipates basic EPS from net income before
purchase price allocation accounting (EPS pre PPA) in a range of €10.20 to €10.80
in fiscal 2027. Comparable EPS pre PPA, that is excluding Siemens Healthineers,
was €9.27 in fiscal 2026.
This outlook excludes burdens from legal and
regulatory matters.
For this press release
@siemens_press
Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. A leader in industrial AI, Siemens leverages its deep domain know-how to apply AI – including generative AI – to real-world applications, making AI accessible and impactful for customers across diverse industries. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a leading global medical technology provider pioneering breakthroughs in healthcare. For everyone. Everywhere. Sustainably.
In fiscal 2026, which ended on September 30, 2026, the Siemens Group generated revenue of €83.4 billion and net income of €9.5 billion. As of September 30, 2026, the company employed around 319,000 people worldwide. Further information is available on the Internet at
www.siemens.com.
Notes and forward-looking statements
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (
www.siemens.com/siemensreport), and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decrees, decisions, assessments or requirements of regulatory or governmental authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
All information is preliminary.